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Transmisní mechanismy monetární politiky na Ukrajině na cestě do zavedení režimu targetovani inflace / Monetary Transmission Mechanism in Ukraine on its Way to Inflation Targeting Regime Implementation

This thesis investigates the role of the exchange rate and interest rate channels in the monetary transmission mechanism in Ukraine. The responses on the domes- tic as well as Russian economy shocks are estimated using the Vector Autoregression Model with block-exogeneity restriction. Monetary transmission did not prove to be strongly effective via neither of the estimated channels, although the exchange rate channel demonstrates the results which are more in line with the economic theory. In addition, the exchange rate channel shows the higher and more significant pass through. Further, we estimate the importance of the shocks of both home and for- eign economies for the domestic variables deviations using variance decomposition technique. The relevance of the Russian shocks in fluctuations of home variables is found out. The current estimation of the transmission mechanism is relevant due to the planned inflation targeting regime implementation in Ukraine which requires understanding of that processes in the economy. 1

Identiferoai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:305045
Date January 2012
CreatorsShepel, Nataliia
ContributorsHorváth, Roman, Babin, Adrian
Source SetsCzech ETDs
LanguageEnglish
Detected LanguageEnglish
Typeinfo:eu-repo/semantics/masterThesis
Rightsinfo:eu-repo/semantics/restrictedAccess

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